Bénéteau (BEN) H1 2025 TU earnings summary

Executive summary

• Second quarter sales contracted by 16%, with first half revenues down 27% year-over-year amid ongoing macroeconomic uncertainty.

• Order intake increased in the first half, supported by commercial success of new models and normalized dealer inventories.

• Growth in sales is expected to resume in the second half of 2025, driven by the launch of 20 new models.

Financial highlights

• H1 2025 revenues reached €403.8m, down from €556.6m in H1 2024, a 27.5% decrease.

• Net cash position remained strong at over €250m at the end of June 2025.

• Q2 2025 boat sales were €273.5m, down 16% at constant exchange rates compared to Q2 2024.

• Revenue contraction partly due to ~€20m billing deferral from ERP change and ~€40m decrease in network stock, mainly in Motor segments.

Outlook and guidance

• Sales growth anticipated to resume in H2 2025, supported by new model launches and normalized inventory levels.

• Commercial success of new models and dealer support measures led to higher order intake than the previous two years.

• 20 new models to be unveiled for the 2025-2026 season, aiming to drive premiumization and refresh high-volume offerings.